Positive Ethereum Metrics: ETH Price Will Rise?

Bittime - Discover how Ethereum's current metrics indicate ETH's price upside potential. With MVRV reaching its lowest point. Check out the explanation in this article!

Positive Ethereum Metrics

According to data collected from onchain analytics platform Glassnode, Ethereum's market value to realized value (MVRV) floor was $1,687, indicating that a bottom is already in place for the crypto token. 

The MVRV price level indicates how low or high a token is likely to hit in a market cycle due to unrealized losses or gains.

ETH Price Will Rise?

After dropping to $7 billion following the market downturn on August 5, Ethereum's open interest (OI) rose again to 10.81 billion, according to data from Coinglass. 

This shows that leveraged players are active again. This is very important because trading volume in the derivatives market has a significant impact on the price of ETH.

Read Also: Tether Targets UAE: Dirham Stablecoin Coming Soon

Ethereum Prepares for Massive Rally

On the other hand, Ethereum investors' shift to accumulation suggests that they are no longer willing to sell their assets, but are holding on in anticipation of higher prices. 

Data collected from Glassnode shows a drastic drop in the amount of ETH held on exchanges to below 10%. 

This is very important because it can reduce selling pressure on Ethereum and set the stage for a massive rally if investors continue to hold out.

Conclusion

With MVRV bottoming out and open interest rising again, Ethereum metrics show indications that the price of ETH may rise. 

Additionally, the potential for a major rally in the future is supported by the decline in the amount of ETH on exchanges and a shift in investors preferring to hold their assets.

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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.